OTC Derivatives Regulators' Forum Subgroup Descriptions

The OTC Derivatives Regulators' Forum (ODRF) has organized several subgroups to carry out specific work to support its objectives. Below is a summary of some of the subgroups that have been formed and the scope of each group's work.

Plain Language Summaries

Regulators in the ODRF seek to obtain a common understanding of the operations of and services being provided by OTC derivatives central counterparties (CCPs) and trade repositories (TRs) that serve the global market. The purpose of this subgroup is to develop outlines for CCPs and TRs to use in drafting "plain language summaries" (PLS) of their operations and services. The PLS subgroup works with the primary supervisors of OTC derivatives CCPs and TRs that are operational in the market to facilitate completion of the summaries.  The plain language summaries are shared with the authorities that participate in the ODRF. The plain language summaries are updated on a periodic basis  to ensure they reflect the most current information. Available below are the outlines for CCPs that provide credit derivatives and interest rate derivatives clearing services, as well as trade repositories.

Outline for Credit Derivatives CCPs
Outline for Interest Rate Derivatives CCPs
Outline for OTC Derivatives Trade Repositories

Trade Repository Subgroups

Credit, Rates and Equity Trade Repository Subgroups

Three subgroups have been established to work with the industry to articulate the data and functionality sought from trade repositories that have been established to register OTC derivatives data for credit, rates and equity derivatives. Each trade repository subgroup will develop expectations regarding the data that authorities would like to see registered in the respective repositories, and the data that in turn should be made available to regulators. Specifically, the subgroups will determine the periodic, numerical data elements and attributes and specify data templates that represent, in a conceptual fashion, which aggregate and participant data should be reported to the public and to various types of authorities. The subgroups will also aim to provide guidance that reflects common expectations across the authorities with regards to the nature, frequency and origin of the data to be recorded and reported. The subgroups will liaise with the industry designated repository working/implementation groups and TR service providers as functionality is developed and implemented. 

Trade Repository Functionality Outline
Trade Repository Data Concepts and Vocabulary

Previous ODRF Work on Trade Repository Data

Four other subgroups had been previously launched to review specific matters related to trade repository data needs and collection. The work of these subgroups have informed the ODRF and subsequently incorporated into the work of the three subgroups on the credit, rates and equity trade repositories. A brief description of the previous subgroups is provided below.

Other Previous ODRF Work